It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. 
Closed Transactions From 01-01-04 Through 12-31-04
Lemley, Yarling & Co.   
REALIZED GAINS AND LOSSES
Lemley Yarling Mgt Co Money Pur Plan Model Portfolio
From 01-01-04 Through 12-31-04
SHARES BOUGHT SOLD  PROCEEDS   COST   GAIN (LOSS) 
1/1/04 - 3/31/04
MICRON TECHNOLOGY 500 1/2/2004 1/5/2004          6,808.17         7,024.95            (216.78)
SYCAMORE NETWORKS 500 12/19/2003 1/6/2004          2,636.53         2,179.50             457.03
SYCAMORE NETWORKS 1,500.00 1/2/2004 1/6/2004          7,909.58         6,978.45             931.13
ANDREW CORPORATION 500 11/4/2003 1/7/2004          6,053.71         6,590.10            (536.39)
ANDREW CORPORATION 500 11/13/2003 1/7/2004          6,053.71         6,728.55            (674.84)
SYCAMORE NETWORKS 500 12/2/2003 1/7/2004          2,721.37         2,703.20               18.17
SYCAMORE NETWORKS 500 1/2/2004 1/7/2004          2,721.37         2,326.15             395.22
AT&T WIRELESS 500 9/18/2003 1/8/2004          3,968.81         4,336.05            (367.24)
AT&T WIRELESS 500 9/23/2003 1/8/2004          3,968.81         4,400.55            (431.74)
BROCADE COMMUNICATIONS 500 12/11/2003 1/8/2004          3,038.76         2,827.45             211.31
BROCADE COMMUNICATIONS 500 12/15/2003 1/8/2004          3,038.76         2,780.20             258.56
KERR MCGEE CORP 500 12/23/2003 1/8/2004        23,732.58       22,427.00          1,305.58
MERCK & CO INC 500 12/23/2003 1/8/2004        23,801.68       22,313.65          1,488.03
NEWELL RUBBERMAID INC 500 1/5/2004 1/8/2004        11,507.45       11,339.65             167.80
QWEST 1,000.00 12/12/2003 1/8/2004          4,320.79         3,542.00             778.79
ADC TELECOMMUNICATIONS 2,000.00 12/26/2003 1/9/2004          6,688.08         5,662.80          1,025.28
BRISTOL MYERS 500 12/23/2003 1/9/2004        14,614.81       13,628.75             986.06
DARDEN RESTAURANTS INC 500 12/23/2003 1/9/2004        10,342.56         9,858.90             483.66
KRAFT FOODS 500 12/23/2003 1/9/2004        16,092.24       15,811.80             280.44
AMERICAN EAGLE OUTFITTERS 500 1/2/2004 1/12/2004          8,367.75         8,024.35             343.40
DUKE ENERGY CORP 500 12/23/2003 1/12/2004        10,670.35         9,814.00             856.35
DUKE ENERGY CORP 500 1/6/2004 1/12/2004        10,670.35       10,438.95             231.40
AMERICAN EAGLE OUTFITTERS 500 12/31/2003 1/13/2004          8,743.48         8,169.50             573.98
JDS UNIPHASE CORP 500 9/15/2003 1/13/2004          2,040.42         2,009.10               31.32
JDS UNIPHASE CORP 1,000.00 10/9/2003 1/13/2004          4,080.84         3,862.00             218.84
JDS UNIPHASE CORP 500 10/31/2003 1/13/2004          2,040.42         1,707.65             332.77
JDS UNIPHASE CORP 500 11/26/2003 1/13/2004          2,040.42         1,678.55             361.87
JDS UNIPHASE CORP 3,000.00 1/6/2004 1/13/2004        12,242.53       11,096.00          1,146.53
ORACLE CORP 500 12/23/2003 1/13/2004          6,895.98         6,761.90             134.08
ORACLE CORP 500 1/2/2004 1/13/2004          6,895.98         6,552.00             343.98
CHARLES SCHWAB CORP 500 12/23/2003 1/13/2004          6,226.21         5,638.05             588.16
CHARLES SCHWAB CORP 500 1/5/2004 1/13/2004          6,226.21         5,927.55             298.66
MOTOROLA INCORPORATED 500 1/6/2004 1/16/2004          8,089.27         7,022.00          1,067.27
MOTOROLA INCORPORATED 500 1/9/2004 1/16/2004          8,089.27         7,507.00             582.27
SUN MICROSYSTEMS INC 2,000.00 1/9/2004 1/16/2004        11,017.48         9,869.20          1,148.28
RF MICRO DEVICES 1,000.00 12/18/2003 1/20/2004        11,230.37       10,177.00          1,053.37
RF MICRO DEVICES 500 12/19/2003 1/20/2004          5,615.18         4,879.65             735.53
RF MICRO DEVICES 500 12/24/2003 1/20/2004          5,615.18         4,987.00             628.18
RF MICRO DEVICES 500 12/26/2003 1/20/2004          5,615.18         4,984.40             630.78
AVX CORP NEW 500 1/5/2004 1/21/2004          9,105.67         8,469.40             636.27
AVX CORP NEW 500 1/15/2004 1/21/2004          9,105.67         8,856.60             249.07
BROCADE COMMUNICATIONS 1,000.00 12/3/2003 1/22/2004          6,631.69         6,147.60             484.09
BROCADE COMMUNICATIONS 1,000.00 1/2/2004 1/22/2004          6,631.69         5,714.40             917.29
CHARTER COMMUNICATIONS 500 11/24/2003 1/22/2004          2,609.28         1,959.70             649.58
CHARTER COMMUNICATIONS 500 12/15/2003 1/22/2004          2,609.28         1,946.95             662.33
CIENA 1,000.00 12/31/2003 1/22/2004          7,312.05         6,190.80          1,121.25
CIENA 500 1/2/2004 1/22/2004          3,656.03         3,094.00             562.03
CIENA 500 1/12/2004 1/22/2004          3,656.03         3,368.95             287.08
CINCINNATI BELL 250 12/15/2003 1/22/2004          1,422.11         1,322.20               99.91
CINCINNATI BELL 500 12/22/2003 1/22/2004          2,844.22         2,497.90             346.32
CINCINNATI BELL 500 12/22/2003 1/22/2004          2,844.22         2,497.90             346.32
QWEST 1,000.00 11/26/2003 1/22/2004          4,139.50         3,705.70             433.80
QWEST 250 12/30/2003 1/22/2004          1,034.88            948.50               86.38
SPRINT CORP 500 10/28/2003 1/22/2004          3,694.16         2,364.30          1,329.86
SPRINT CORP 500 11/18/2003 1/22/2004          3,694.16         2,146.70          1,547.46
SPRINT CORP 500 12/11/2003 1/22/2004          3,694.16         2,320.25          1,373.91
TELLABS INC 1,000.00 12/26/2003 1/22/2004        10,285.82         7,981.10          2,304.72
TELLABS INC 1,000.00 1/14/2004 1/22/2004        10,285.82         9,984.20             301.62
SCHERING PLOUGH CORP 500 12/2/2003 1/29/2004          8,808.59         8,483.35             325.24
SCHERING PLOUGH CORP 500 12/22/2003 1/29/2004          8,808.59         8,451.70             356.89
LEVEL 3 COMMUNICATIONS INC 2,000.00 1/15/2004 2/2/2004        12,353.75       13,413.20         (1,059.45)
SPRINT CORP 1,500.00 12/29/2003 2/3/2004        11,802.99         8,057.00          3,745.99
SPRINT CORP 1,500.00 1/2/2004 2/3/2004        11,802.99         8,072.00          3,730.99
TIME WARNER 500 12/22/2003 2/3/2004          9,022.57         8,751.85             270.72
HEWLETT PACKARD 500 12/18/2003 2/5/2004        12,074.43       11,156.75             917.68
HEWLETT PACKARD 500 1/15/2004 2/5/2004        12,074.43       12,254.00            (179.57)
RESTORATION HARDWARE 1,000.00 1/16/2004 2/5/2004          3,861.31         4,016.50            (155.19)
TIME WARNER 500 12/26/2003 2/6/2004          8,568.60         8,962.00            (393.40)
TIME WARNER 500 2/2/2004 2/6/2004          8,568.60         9,100.63            (532.03)
LUCENT TECHNOLOGIES 1,250.00 1/29/2004 2/9/2004          5,441.99         5,627.00            (185.01)
CHARTER COMMUNICATIONS 1,000.00 1/2/2004 2/10/2004          4,477.79         4,131.70             346.09
CHARTER COMMUNICATIONS 1,000.00 11/6/2003 2/10/2004          4,312.80         4,320.60                (7.80)
CHARTER COMMUNICATIONS 1,000.00 2/6/2004 2/10/2004          4,312.80         4,582.00            (269.20)
CIENA 500 2/9/2004 2/10/2004          2,976.00         3,065.60              (89.60)
QWEST 1,000.00 12/24/2003 2/10/2004          3,995.71         3,825.40             170.31
QWEST 250 12/30/2003 2/10/2004             998.93            948.50               50.43
RF MICRO DEVICES 1,000.00 1/29/2004 2/10/2004          9,154.36         9,800.80            (646.44)
RESTORATION HARDWARE 500 12/26/2003 2/10/2004          1,899.86         2,314.15            (414.29)
RESTORATION HARDWARE 500 12/26/2003 2/10/2004          1,899.86         2,314.15            (414.29)
RESTORATION HARDWARE 1,000.00 1/16/2004 2/10/2004          3,799.72         4,016.50            (216.78)
XCEL ENERGY INC 500 12/24/2003 2/26/2004          8,718.99         8,556.50             162.49
XCEL ENERGY INC 500 12/29/2003 2/26/2004          8,718.99         8,656.95               62.04
XCEL ENERGY INC 500 2/2/2004 2/26/2004          8,718.99         8,610.95             108.04
HEWLETT PACKARD 500 2/27/2004 3/1/2004        11,357.55       11,273.75               83.80
LYNX THERAPEUTICS 500 2/26/2004 3/10/2004          3,148.88         3,176.95              (28.07)
LYNX THERAPEUTICS 500 3/2/2004 3/10/2004          3,148.88         2,977.00             171.88
CABOT MICROELECTRONICS 250 3/8/2004 3/12/2004        10,868.72       11,175.75            (307.03)
CISCO SYSTEMS 500 2/27/2004 3/12/2004        11,185.31       11,344.30            (158.99)
HEWLETT PACKARD 500 2/27/2004 3/12/2004        11,260.11       11,273.75              (13.64)
INTEL CORP 500 3/4/2004 3/12/2004        13,866.40       14,544.85            (678.45)
LEVEL 3 COMMUNICATIONS INC 1,000.00 2/24/2004 3/12/2004          4,311.53         4,709.90            (398.37)
LEVEL 3 COMMUNICATIONS INC 1,000.00 3/2/2004 3/12/2004          4,311.53         4,465.60            (154.07)
CHARTER COMMUNICATIONS 1,000.00 2/24/2004 3/15/2004          4,492.36         4,801.20            (308.84)
CHARTER COMMUNICATIONS 1,000.00 2/25/2004 3/15/2004          4,492.36         4,362.00             130.36
CHARTER COMMUNICATIONS 1,000.00 3/1/2004 3/15/2004          4,492.36         4,356.10             136.26
QWEST 1,000.00 2/24/2004 3/15/2004          4,771.51         4,361.00             410.51
QWEST 1,000.00 3/10/2004 3/15/2004          4,771.51         4,771.10                 0.41
CABOT MICROELECTRONICS 250 3/15/2004 3/17/2004        10,511.58       10,285.03             226.55
LUCENT TECHNOLOGIES 1,000.00 2/25/2004 3/19/2004          3,773.85         4,012.00            (238.15)
LUCENT TECHNOLOGIES 1,000.00 3/4/2004 3/19/2004          3,773.85         4,222.00            (448.15)
RF MICRO DEVICES 1,000.00 2/26/2004 3/19/2004          8,673.86         9,348.40            (674.54)
RF MICRO DEVICES 1,000.00 2/27/2004 3/19/2004          8,673.86         8,937.80            (263.94)
TELLABS INC 1,000.00 1/29/2004 3/19/2004          9,023.75         9,512.00            (488.25)
TELLABS INC 500 3/10/2004 3/19/2004          4,511.87         5,002.00            (490.13)
TELLABS INC 500 3/11/2004 3/19/2004          4,511.87         4,957.85            (445.98)
HEWLETT PACKARD 500 3/24/2004 3/25/2004        10,622.58       10,905.20            (282.62)
INTEL CORP 500 3/24/2004 3/25/2004        13,097.48       13,442.55            (345.07)
LYNX THERAPEUTICS 500 3/15/2004 3/25/2004          2,497.90         2,772.25            (274.35)
MICROSOFT CORP 500 3/23/2004 3/25/2004        12,126.22       12,417.00            (290.78)
CABOT MICROELECTRONICS 250 3/8/2004 3/30/2004        10,796.40       11,175.75            (379.35)
 ------------   ------------   ------------ 
TOTAL 1/1/04 - 3/31/04      773,936.80     742,155.56        31,781.24
4/1/04 - 6/30/04
CHARTER COMMUNICATIONS 2,000.00 3/30/2004 4/6/2004          9,140.98         8,256.20             884.78
FORD MOTOR 1,000.00 3/29/2004 4/7/2004        13,571.08       12,942.00             629.08
RF MICRO DEVICES 1,000.00 3/30/2004 4/7/2004          8,682.90         8,424.40             258.50
RF MICRO DEVICES 1,000.00 3/31/2004 4/7/2004          8,682.90         8,415.70             267.20
RESTORATION HARDWARE 1,000.00 1/16/2004 4/7/2004          5,169.27         2,008.25          3,161.02
TELLABS INC 1,000.00 3/31/2004 4/7/2004          9,072.88         8,670.80             402.08
BRISTOL MYERS 500 3/29/2004 4/8/2004        12,267.71       12,062.00             205.71
CIENA 1,000.00 3/30/2004 4/12/2004          5,312.07         5,005.70             306.37
ROWAN COMPANIES 500 3/29/2004 4/12/2004        10,744.69       10,497.95             246.74
SCHERING PLOUGH CORP 1,000.00 3/24/2004 4/12/2004        16,761.30       16,902.10            (140.80)
TIME WARNER 1,000.00 3/24/2004 4/12/2004        17,257.59       16,961.00             296.59
CINCINNATI BELL 500 3/26/2004 4/13/2004          2,004.45         2,220.65            (216.20)
CINCINNATI BELL 1,000.00 3/29/2004 4/13/2004          4,008.91         4,112.00            (103.09)
CINCINNATI BELL 500 3/30/2004 4/13/2004          2,004.45         2,037.20              (32.75)
RESTORATION HARDWARE 500 12/16/2003 4/15/2004          3,266.47         2,328.65             937.82
RESTORATION HARDWARE 500 12/26/2003 4/15/2004          3,266.47         1,157.08          2,109.39
LYNX THERAPEUTICS 500 3/30/2004 4/16/2004          2,610.68         2,263.10             347.58
ROWAN COMPANIES 500 3/29/2004 4/19/2004        10,729.79       10,497.95             231.84
RF MICRO DEVICES 1,000.00 4/21/2004 4/23/2004          8,229.90         8,114.20             115.70
TIME WARNER 1,000.00 4/19/2004 5/4/2004        17,045.39       16,782.90             262.49
AT&T CORP 1,000.00 4/22/2004 5/6/2004        17,058.26       18,655.70         (1,597.44)
AT&T CORP 500 5/4/2004 5/6/2004          8,529.13         8,819.50            (290.37)
LUCENT TECHNOLOGIES 3,500.00 4/30/2004 5/6/2004        11,478.77       13,088.50         (1,609.73)
QWEST 2,000.00 3/30/2004 5/6/2004          8,047.27         8,279.40            (232.13)
QWEST 1,000.00 4/15/2004 5/6/2004          4,023.64         4,283.70            (260.06)
CABOT MICROELECTRONICS 500 4/28/2004 5/7/2004        15,138.44       16,808.25         (1,669.81)
CIENA 500 2/27/2004 5/7/2004          1,964.29         2,863.90            (899.61)
CIENA 1,000.00 4/19/2004 5/7/2004          3,928.57         5,002.00         (1,073.43)
CINCINNATI BELL 500 12/22/2003 5/7/2004          1,987.95         1,248.95             739.00
HEWLETT PACKARD 1,000.00 4/30/2004 5/7/2004        19,923.23       21,523.00         (1,599.77)
RF MICRO DEVICES 1,000.00 5/3/2004 5/7/2004          7,302.82         7,856.10            (553.28)
RITE AID CORP 1,000.00 4/8/2004 5/7/2004          5,019.28         5,638.10            (618.82)
CIENA 1,000.00 1/29/2004 5/20/2004          3,576.05         7,506.80         (3,930.75)
CIENA 500 2/24/2004 5/20/2004          1,788.02         3,130.20         (1,342.18)
CIENA 1,500.00 5/10/2004 5/20/2004          5,364.07         5,927.00            (562.93)
LYNX THERAPEUTICS 500 3/15/2004 5/20/2004          1,027.93         1,386.13            (358.20)
LYNX THERAPEUTICS 500 4/26/2004 5/20/2004          1,027.93         2,099.15         (1,071.22)
CINCINNATI BELL 1,500.00 5/10/2004 5/21/2004          5,816.16         6,002.00            (185.84)
 ------------   ------------   ------------ 
TOTAL 4/1/04 - 6/30/04      292,831.69     299,778.21         (6,946.52)
7/1/04 - 9/30/04
CHARTER COMMUNICATIONS 1,000.00 6/3/2004 7/6/2004          3,875.71         3,992.90            (117.19)
CHARTER COMMUNICATIONS 1,000.00 6/30/2004 7/6/2004          3,875.71         3,842.00               33.71
QWEST 2,000.00 6/15/2004 7/8/2004          7,202.83         7,477.00            (274.17)
QWEST 1,000.00 6/29/2004 7/8/2004          3,601.42         3,842.00            (240.58)
QWEST 1,000.00 7/2/2004 7/8/2004          3,601.42         3,577.00               24.42
APPLIED MATERIALS INC 500 6/11/2004 7/13/2004          9,152.88         9,619.85            (466.97)
NORTEL NETWORKS CORP 1,000.00 6/2/2004 7/13/2004          4,474.82         3,842.00             632.82
NORTEL NETWORKS CORP 1,500.00 6/3/2004 7/13/2004          6,712.23         5,882.00             830.23
NORTEL NETWORKS CORP 1,000.00 6/7/2004 7/13/2004          4,474.82         3,922.00             552.82
CIENA 2,000.00 6/25/2004 7/14/2004          6,665.04         6,334.60             330.44
NOKIA CORP 500 6/30/2004 7/14/2004          7,066.38         7,165.75              (99.37)
SPRINT CORP 500 6/30/2004 7/14/2004          9,061.03         8,688.10             372.93
BRISTOL MYERS 500 6/30/2004 7/15/2004        12,060.51       12,427.00            (366.49)
DARDEN RESTAURANTS INC 500 6/30/2004 7/15/2004        10,372.75       10,352.00               20.75
XCEL ENERGY INC 1,000.00 7/8/2004 7/15/2004        16,672.60       16,654.90               17.70
CABOT MICROELECTRONICS 250 6/14/2004 7/15/2004          6,796.42         7,645.60            (849.18)
CABOT MICROELECTRONICS 250 6/21/2004 7/15/2004          6,796.42         6,625.95             170.47
JP MORGAN CHASE & CO 500 7/2/2004 7/15/2004        18,213.82       18,926.95            (713.13)
TIME WARNER 500 6/29/2004 7/15/2004          8,570.60         8,703.00            (132.40)
TIME WARNER 500 7/1/2004 7/15/2004          8,570.60         8,770.45            (199.85)
HEWLETT PACKARD 500 6/11/2004 7/19/2004          9,780.92       11,027.00         (1,246.08)
HEWLETT PACKARD 500 6/15/2004 7/19/2004          9,780.92       10,901.30         (1,120.38)
SUN MICROSYSTEMS INC 500 7/14/2004 7/19/2004          1,950.77         2,057.00            (106.23)
SUN MICROSYSTEMS INC 2,500.00 7/16/2004 7/19/2004          9,753.85         9,904.25            (150.40)
HAIN CELESTIAL GROUP INC 500 6/1/2004 7/20/2004          8,535.29         8,794.25            (258.96)
BROCADE COMMUNICATIONS 1,000.00 6/2/2004 7/22/2004          4,538.09         6,004.70         (1,466.61)
BROCADE COMMUNICATIONS 1,000.00 6/3/2004 7/22/2004          4,538.09         5,958.50         (1,420.41)
CIENA 1,500.00 6/29/2004 7/22/2004          4,475.09         5,435.60            (960.51)
JDS UNIPHASE CORP 1,500.00 6/25/2004 7/22/2004          4,602.34         5,074.10            (471.76)
JDS UNIPHASE CORP 1,000.00 6/29/2004 7/22/2004          3,068.22         3,827.40            (759.18)
SIEBEL SYSTEMS INC 1,000.00 7/14/2004 7/22/2004          7,875.81         8,253.20            (377.39)
TELLABS INC 1,000.00 5/25/2004 7/22/2004          8,016.61         7,962.00               54.61
TELLABS INC 500 5/27/2004 7/22/2004          4,008.30         3,982.00               26.30
TELLABS INC 1,000.00 6/22/2004 7/22/2004          8,016.61         7,932.00               84.61
CINCINNATI BELL 500 12/15/2003 7/27/2004          1,914.42         1,762.93             151.49
CINCINNATI BELL 250 3/9/2004 7/27/2004             957.21         1,336.53            (379.32)
NASDAQ 100 1,000.00 8/11/2004 8/11/2004        32,777.23       32,721.00               56.23
NASDAQ 100 1,000.00 8/11/2004 8/12/2004        32,800.53       32,721.00               79.53
HOME DEPOT INC 500 8/13/2004 8/18/2004        17,742.88       16,727.00          1,015.88
VERITAS SOFTWARE CORP 500 8/18/2004 8/19/2004          8,821.79         8,649.60             172.19
ESTEE LAUDER COMPANY INC 500 8/17/2004 8/23/2004        21,510.29       20,204.10          1,306.19
FIFTH THIRD BANCORP 500 8/12/2004 8/24/2004        24,810.71       23,831.55             979.16
HAIN CELESTIAL GROUP INC 500 8/17/2004 8/24/2004          8,543.54         7,915.75             627.79
JP MORGAN CHASE & CO 500 8/11/2004 8/24/2004        19,240.99       18,419.00             821.99
NOKIA CORP 1,000.00 8/11/2004 8/24/2004        11,567.62       11,247.20             320.42
NOKIA CORP 1,500.00 8/18/2004 8/24/2004        17,351.44       17,590.55            (239.11)
CHARLES SCHWAB CORP 1,000.00 6/1/2004 8/24/2004          9,618.34         9,400.40             217.94
CHARLES SCHWAB CORP 500 7/20/2004 8/24/2004          4,809.17         4,428.15             381.02
ANDREW CORPORATION 1,000.00 8/13/2004 8/25/2004        11,166.43         9,875.90          1,290.53
BROCADE COMMUNICATIONS 2,000.00 8/19/2004 8/25/2004          9,893.96         9,826.00               67.96
COMCAST CORP NEW CLASS A 500 8/18/2004 8/25/2004        14,076.26       13,816.65             259.61
HEWLETT PACKARD 1,000.00 8/16/2004 8/25/2004        17,801.48       16,847.00             954.48
LUCENT TECHNOLOGIES 2,000.00 8/16/2004 8/25/2004          6,214.85         5,692.00             522.85
LUCENT TECHNOLOGIES 2,000.00 8/19/2004 8/25/2004          6,214.85         6,391.60            (176.75)
RF MICRO DEVICES 1,000.00 8/16/2004 8/25/2004          5,197.41         4,876.10             321.31
RF MICRO DEVICES 1,000.00 8/17/2004 8/25/2004          5,197.41         4,987.50             209.91
RF MICRO DEVICES 1,000.00 8/18/2004 8/25/2004          5,197.41         4,999.60             197.81
SECTOR SPDR TR SBI TECHNOLOGY 1,000.00 8/16/2004 8/25/2004        18,757.56       18,339.30             418.26
SIEBEL SYSTEMS INC 1,000.00 8/11/2004 8/25/2004          7,714.32         7,283.10             431.22
SIEBEL SYSTEMS INC 1,000.00 8/23/2004 8/25/2004          7,714.32         7,962.00            (247.68)
SYNOPSYS INC 500 8/19/2004 8/25/2004          7,689.31         7,749.25              (59.94)
TELLABS INC 1,000.00 8/13/2004 8/25/2004          8,961.79         8,275.40             686.39
TELLABS INC 1,000.00 8/24/2004 8/25/2004          8,961.79         8,832.00             129.79
TIME WARNER 1,000.00 8/11/2004 8/25/2004        16,614.21       15,884.80             729.41
MOTOROLA INCORPORATED 1,000.00 9/9/2004 9/14/2004        16,664.70       15,707.30             957.40
ANDREW CORPORATION 1,000.00 9/9/2004 9/15/2004        11,357.07       10,829.90             527.17
ANDREW CORPORATION 500 9/13/2004 9/15/2004          5,678.53         5,645.55               32.98
RF MICRO DEVICES 3,000.00 9/9/2004 9/15/2004        16,945.20       16,979.90              (34.70)
COCA-COLA COMPANY 500 9/16/2004 9/21/2004        20,224.22       20,037.00             187.22
TRIBUNE CO NEW 10/83 500 9/13/2004 9/21/2004        20,538.71       20,003.40             535.31
UNILEVER PLC SPONS ADR 500 9/20/2004 9/21/2004        16,718.75       16,419.10             299.65
COLGATE-PALMOLIVE COMPANY 500 9/20/2004 9/27/2004        22,666.31       24,117.00         (1,450.69)
TELLABS INC 1,500.00 9/9/2004 9/28/2004        13,647.68       14,383.50            (735.82)
 ------------   ------------   ------------ 
TOTAL 7/1/04 - 9/30/04      761,039.61     758,119.96          2,919.65
10/1/04 - 12/31/04
CABELAS INC 500 9/13/2004 10/8/2004        12,686.85       12,492.00             194.85
APPLIED MATERIALS INC 500 10/7/2004 10/11/2004          8,029.76         8,692.00            (662.24)
APPLIED MATERIALS INC 500 10/8/2004 10/11/2004          8,029.76         8,340.00            (310.24)
WALT DISNEY COMPANY 500 10/7/2004 10/11/2004        12,435.20       12,286.85             148.35
INTEL CORP 1,000.00 10/7/2004 10/11/2004        20,352.52       21,324.70            (972.18)
SEARS ROEBUCK & CO 250 10/22/2004 10/25/2004          7,948.41         8,492.75            (544.34)
3M CO 200 10/18/2004 10/29/2004        15,481.71       14,816.00             665.71
CABOT MICROELECTRONICS 1,000.00 11/1/2004 11/1/2004        35,997.15       35,997.15                     -  
CINCINNATI BELL 250 12/1/2003 11/8/2004             895.51         1,387.42            (491.91)
CINCINNATI BELL 500 3/9/2004 11/8/2004          1,791.02         2,673.07            (882.05)
BELLSOUTH CORP 500 10/27/2004 11/10/2004        13,767.67       13,245.05             522.62
COCA-COLA COMPANY 500 9/30/2004 11/10/2004        20,517.71       20,075.80             441.91
COLGATE-PALMOLIVE COMPANY 500 10/28/2004 11/10/2004        23,217.45       22,705.45             512.00
FIFTH THIRD BANCORP 250 10/14/2004 11/10/2004        12,530.20       12,366.63             163.57
HEWLETT PACKARD 500 10/19/2004 11/10/2004          9,654.42         9,277.00             377.42
HEWLETT PACKARD 550 10/26/2004 11/10/2004        10,619.86         9,824.45             795.41
MAYTAG CORP 500 10/7/2004 11/10/2004          9,978.46         8,941.60          1,036.86
SBC COMMUNICATIONS INC 500 10/27/2004 11/11/2004        13,067.69       12,567.30             500.39
APPLIED MATERIALS INC 500 11/5/2004 11/12/2004          7,987.91         8,269.50            (281.59)
KYOCERA CORP ADR 200 11/9/2004 11/12/2004        14,183.19       14,328.30            (145.11)
KYOCERA CORP ADR 200 11/11/2004 11/12/2004        14,183.19       13,818.00             365.19
CISCO SYSTEMS 500 11/4/2004 11/16/2004          9,682.27         9,767.00              (84.73)
CISCO SYSTEMS 500 11/10/2004 11/16/2004          9,682.27         9,308.90             373.37
JP MORGAN CHASE & CO 500 10/7/2004 11/17/2004        19,231.60       19,790.45            (558.85)
JP MORGAN CHASE & CO 500 10/20/2004 11/17/2004        19,231.60       18,336.30             895.30
MAY DEPARTMENT STORES CO 500 11/10/2004 11/17/2004        15,207.64       13,917.00          1,290.64
TIME WARNER 1,000.00 10/7/2004 11/17/2004        17,176.59       16,792.80             383.79
CABELAS INC 500 11/12/2004 11/23/2004        10,558.80       11,652.00         (1,093.20)
CABELAS INC 500 11/18/2004 11/23/2004        10,558.80       11,367.00            (808.20)
CABELAS INC 250 11/22/2004 11/23/2004          5,279.40         5,334.50              (55.10)
KYOCERA CORP ADR 150 10/7/2004 11/29/2004        10,644.68       11,179.49            (534.81)
KYOCERA CORP ADR 50 11/9/2004 11/29/2004          3,548.23         3,582.08              (33.85)
KROGER COMPANY 1,000.00 9/30/2004 12/1/2004        16,137.62       15,632.00             505.62
MOTOROLA INCORPORATED 500 10/20/2004 12/1/2004          9,698.59         8,775.30             923.29
MOTOROLA INCORPORATED 250 11/3/2004 12/1/2004          4,849.29         4,292.00             557.29
SAFEWAY INC 500 10/21/2004 12/1/2004          9,574.18         9,202.00             372.18
SAFEWAY INC 500 10/22/2004 12/1/2004          9,574.18         8,976.95             597.23
QWEST 1,000.00 10/28/2004 12/7/2004          4,249.50         3,432.00             817.50
QWEST 1,000.00 11/4/2004 12/7/2004          4,249.50         3,522.00             727.50
XCEL ENERGY INC 500 11/26/2004 12/7/2004          9,027.78         9,208.80            (181.02)
AGILENT TECHNOLOGIES 500 11/12/2004 12/8/2004        11,861.37       11,126.10             735.27
AGILENT TECHNOLOGIES 500 11/17/2004 12/8/2004        11,861.37       11,676.90             184.47
ANN TAYLOR STORES CORP 500 12/2/2004 12/8/2004        10,401.60       10,407.95                (6.35)
COCA-COLA COMPANY 500 11/19/2004 12/8/2004        20,139.12       19,929.95             209.17
COMCAST CORP NEW CLASS A 250 10/26/2004 12/8/2004          7,367.91         7,061.35             306.56
COMCAST CORP NEW CLASS A 500 11/3/2004 12/8/2004        14,735.82       14,542.00             193.82
JP MORGAN CHASE & CO 500 11/19/2004 12/8/2004        18,868.05       18,832.00               36.05
VIACOM INC CLASS B 500 11/23/2004 12/8/2004        17,744.93       17,547.85             197.08
UNIVISION COMMNS INC 500 11/8/2004 12/9/2004        13,985.17       14,481.20            (496.03)
MICRON TECHNOLOGY 1,050.00 11/4/2004 12/15/2004        12,409.03       12,402.50                 6.53
MICRON TECHNOLOGY 500 11/19/2004 12/15/2004          5,909.06         6,017.00            (107.94)
MICRON TECHNOLOGY 450 11/22/2004 12/15/2004          5,318.15         5,178.67             139.48
BRISTOL MYERS 300 11/30/2004 12/21/2004          7,540.62         7,083.65             456.97
BRISTOL MYERS 200 12/3/2004 12/21/2004          5,027.08         4,849.40             177.68
SCHERING PLOUGH CORP 500 11/24/2004 12/21/2004        10,017.76         9,010.30          1,007.46
HAIN CELESTIAL GROUP INC 500 10/28/2004 12/28/2004        10,193.41         8,401.65          1,791.76
TALBOTS INC 500 10/7/2004 12/28/2004        13,679.52       13,129.15             550.37
TIFFANY AND COMPANY 250 10/14/2004 12/28/2004          7,738.67         7,232.00             506.67
TIFFANY AND COMPANY 300 10/21/2004 12/28/2004          9,286.40         8,583.38             703.02
TIFFANY AND COMPANY 500 11/11/2004 12/28/2004        15,477.33       14,979.50             497.83
SBC COMMUNICATIONS INC 500 11/24/2004 12/30/2004        12,878.19       12,654.40             223.79
CHARLES SCHWAB CORP 550 10/27/2004 12/30/2004          6,504.89         4,914.80          1,590.09
 ------------   ------------   ------------ 
TOTAL 10/1/04 - 12/31/04      720,463.61     706,031.29        14,432.32
 ------------   ------------   ------------ 
OVERALL TOTAL   2,548,271.71  2,506,085.02        42,186.69

The market value of the Model Portfolio is net of advisory fees, brokerage commissions and other related expenses. Model Portfolio results reflect reinvestment of dividends and other earnings. The Model Portfolio column is the overall return of the portfolio for the period shown.

The S & P 500 is an unmanaged S & P composite of 500 stocks widely regarded as representative of the stock market in general. Unless otherwise indicated, index results include reinvested dividends and do not reflect sales charges.

Past performance is not indicative of future results. Other methods may produce different results for individual portfolios and for different periods and may vary depending on market conditions and the composition of an individual portfolio. Care should be used when comparing these results to those published by other investment advisors, other investment vehicles and unmanaged indices due to possible differences in calculation methods. A list of all recommendations made by Lemley, Yarling Management Co. for the preceding one-year period is available to advisory clients upon request.

PAST PERFORMANCE IS NO INDICATION OF FUTURE PERFORMANCE
The factual statements herein have been taken from sources we believe to be reliable but such statements are made without any representation as to accuracy or completeness or otherwise. From time to time the Lemley Letter, or one or more of its officers or employees, may buy and sell as agent the securities referred to herein or options relating thereto, and may have a long or short position in such securities or options. This report should not be construed as a solicitation or offer of the purchase or sale of securities. Prices shown are approximate. Past performance is no indication of future performance.